The COVID-19 pandemic is hitting the economy like a freight train.
And you and I are about to see the impacts of that here in the financial publishing and media industries.
I’ve been on calls all week and see two different mentalities – “I’m going to wait and see how things shake out.” vs “I’m pivoting and trying everything I can to generate revenue.”
“Wait and see” is not going to move your business forward or protect you from loss of revenue.
As times change, companies are going to need “war time” CEOs, publishers, and marketers:
People who can limit damage, keep moving, pivot to new opportunities, and make things happen – no matter what is going on in the world.
This is a time for you and the super stars in your business to step up and steer your business through the storm.
Some people will emerge from this market stronger than ever.
Recessions are new territory for many people in the industry.
A lot of publishers, CEOs, copywriters, and marketers have only seen this business during a bull market.
They don’t know what’s coming.
Those of us who worked through the 2008 crisis – another “once in a lifetime black swan event” – know a lot of what is about to happen.
Jami & I are lining up emergency zoom calls & special presentations with veterans in the industry to discuss what you can expect to change.
We will be sharing those with all of the FMS attendees over the next two-weeks.
This is IN ADDITION to getting you many of our presentations in virtual form which will be happening over the same time period.
A lot of changes are coming across the industry. A lot of painful situations, but also a lot of amazing opportunities.
For example, some of the topics we’re going to cover include how a major recession will…
1. Affect the types of offers & copy promises that work. This shift is already happening. Old winners are dying or already dead.
But during the worst of the 2008 crisis, one promo sold $15 million – at a time when $15 million promos were almost unheard of.
We’ll discuss that promo and others that worked during the height of the crash. And what concepts created blockbusters in the aftermath of the crash.
2. Dramatically shift the media landscape. Many, many media companies have grown up during the last several years of the longest bull market in history.
But the basic supply and demand dynamic in the industry is changing.
Some companies will thrive from it, others will go under.
THIS WILL CHANGE MEDIA COSTS and all of your acquisition math.
3. Some product sectors will evaporate, and others will rise from the dead.
4. There will be both pain and new recruiting opportunities as layoffs accelerate. Employees who can “make things happen” will be in high-demand. “Wait and see” marketers will be at risk.
5. Certain revenue models will be deeply impacted – almost entirely drying up. Publishers who rely on that revenue need to pivot ASAP.
6. Certain CUSTOMER SEGMENTS are about to be decimated worse than others. Publishers who rely on those segments will be worst hit.
7. “Dead” marketing models are about to come back – big time.
And a lot more.
Recessions are not all bad news…
… but they do tend to create a “changing of the guard” across multiple parts of the industry.
So, you have to be prepared to pivot.
And now is the time for us to have these conversations as an industry.
I’m going to be covering each of these areas for you in a variety of Emergency Zoom calls.
Everyone registered for the 2020 FMS will get those recordings.
Then, we’re going to host small group Zoom networking sessions with each of my co-presenters.
Watch your inbox in the meantime.